Question

select a small business in your community that has been started by an entrepreneur. (Note: you may even select a small family business). Provide a summary of the key features of this business. Are there any obstacles to growth? What is the entrepreneur doing to ensure profitability and address risk? Explain fully and comment on classmates' responses. PLEASE ADDRESS THIS IN LIGHT OF THE IMPACT OF CORONAVIRUS ON SMALL BUSINESS

Answer 1

1. Business Name - Padmavati Cotton Textile Industries.

2. Key features - The cotton textile industry produces cloth but engage in export and import to earn a profit . It can produce Fabric faster than a handmade because it undergoes many processess to produce a cloth. It is considered to be the largest and oldest Industry in our Country . This industry provides employment to many labours both in rural and urban areas .

3. Obstacles to Growth - Every business faces faces obstacles since running a business in the competitive world is not a ice-walk . To see the success of the business , we should ensure that our work is dedicated to the goal and put our hard time into it. There are some reasons mentioned hereunder for facing obstacles in the business world.

a. Competative world

b. Many entry into the the same type of business.

c. Rules and regulations of a business

d. shortage of money for investing the funds .

e. Shortage of man, money and machinery which is the main source.

f. At present whole world is facing the corona pendemic. This is the major problem faced by every business currently infact we can say that whole world is suferring.

4. How to ensure profitability and adressing risk during the pendemic -

a. Tracking expenses against the revenue - currently its very important for every business to conduct proper assessment of fixed and variable expenses . It gives a clear picture of a comapny where it stands finacially.

b. checking the market trend - its very important to know the trend in the market . This is crucial time to track current finacial position of the business .

c. Changing the policies and methods of a business - The business has to adopt new ways to approach the customers since its not possible for every customer to visit like before . Everything should be done online .

d. Awarenees about the corona-virus - Every time its not possible to deal the buiness online sometimes it becomes neccessary for the customer to reach the business premises to get his work done . Therefore neccssary precautions should be taken well in before so that evryone can stay safe.

e. Confidence & Consistency - I would say that there is nothing can be achieved without confidance and persistence . i would like to suggest evryone to stay confident and fearless to face the pendemic and fight with it . As we say risk is unpredictable we never know what cones next therefore business should be dynamic not rigid.

Conclusion - Businessman should be ready to face every risk and should be capable of reducing the risk by taking neccssary measures . Just stay safe and have a chaged business policies to ensure the profitabilty and also the risk & facing pendemic fearlessly.